According to a news release from the Conshohocken, Pennsylvania-based Gartmore, acquisition of Groupama Asset Management N.A. (GAMNA) is expected to close in 60 to 90 days. GAMNA, which has 23 employees, has $1.2 billion in assets under management, according to the announcement.
GAMNA serves high-net-worth individuals, institutional clients and retail investors. The release said GAMNA’s large-cap growth investment strategy is a part of the Merrill Lynch, Morgan Stanley, Prudential and UBS PaineWebber separate account programs. GAMNA also manages investments for Smith Barney representatives on an independent basis.
The firm’s three founding managing directors and senior portfolio managers – Mark Bronzo, Daniel Portanova and Joseph O’Connor – have signed long-term agreements with Gartmore as the senior portfolio managers of their respective products.
According to the news release, the operations, compliance, information technology, marketing and sales staffs of GAMNA will be integrated into GGI There are no anticipated changes in existing personnel, GGI said.